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What to Know About Pell Grants
A Pell Grant, also known as a Basic Education Opportunity Grant (BEOG), is a federally funded
source of money given to students to help pay for their college tuition. The students do not
have to pay it back. If the students are eligible, they can receive this grant once per award
year. The maximum that an individual student can be awarded for the upcoming 2007-2008 academic
year is $4,310. Depending on the particular institution, that may only cover a small portion
of tuition. Yet when combined with other grants and loans, it can really make the difference
for potential students. There are a few factors that students need to consider when applying
for a Pell Grant.
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How do students know if the Pell Grant is for them? The first thing to look for is the eligibility criteria. There are about 5,400 different schools that will accept Pell Grants. After the students find the school that they want to attend, they must consider how much grant they would be awarded if they are found to be eligible. Should potential students apply for the Pell Grant? First of all, there is never a charge applied to get the grant. Prior to trying for the grant, they must meet the eligibility criteria of being a high school graduate. If not, they must have obtained their GED. In addition to this, they need to be a US citizen, or they can be an eligible non-US student. Second, the grant is based on low-income need. When applying for the grant, students would have to figure out their yearly income. If they are with their parents, then that income is considered as well. If a student's income (including family) is over $50,000 a year, then the potential student will not be able to receive the grant. Usually, students with an income of $20,000 a year or less will be the first to be awarded the grant. This amount is considered along with the family size and number of dependents. |
Third, these need-based Pell Grants are given primarily to help students pay for undergraduate programs. Many of
the postsecondary programs are covered. Along with what type of classes the students are taking, consideration
must be given to whether it is a part time or a full time course. While part time students can receive a grant,
full time students are awarded a larger amount. This amount also depends on whether the student is going to attend
the whole academic year or just part of it.
The Pell Grant has been applied for, now what? The usual turnaround time for the award to be granted is two to four weeks. When students are notified of the grant, the school that they are attending will let them know how much and when it will be received. The funds can come different ways. First, they may be given straight to the school to pay off the tuition. Secondly, they may just give it to the students for them to check the award amount. Most often, it is a combination of the two. These funds can be used for supplies. Schools will give out a portion of the award once every semester of the academic year. If the school or institution does not run with semesters, the status quo for the Pell Grant is twice per school year. |
